Now tagged as one of the "largest deals for a software company in Vancouver in the past decade", the Vancouver Sun's Gillian Shaw is reporting that the purchase price was around $180 million.

"It's been a 10 year overnight success," Layer 7 cofounder Dimitri Sirota told Techvibes. "The ride hasn't always been smooth but we are all thrilled that the hard work has resulted in a great outcome for the investors, founders and staff. CA has been a great partner to date and we expect this tighter union will help catapult the Layer 7 business to even greater heights."

Sirota told the Vancouver Sun that “for a software company, it is one of the largest deals in a decade. In terms of leaving a legacy of a large expanding office here, in terms of generating wealth, in terms of generating a return on investment – by any measure it is a very successful transaction.”

Layer 7 was launched 11 years ago by Sirota and cofounders Jamie Glennon, Lonny McLean and Toufic Boubez and raised a total of $21 million in venture capital, with investment coming from the Bay area, from Vancouver’s GrowthWorks, the Business Development Bank of Canada and local angel investors.

“One of the things we feel proud about, each of our local investors will get around $50 million each on this transaction while they’ll reinvest in the local community,” said Sirota told the Vancouver Sun. “A large pool of BC angel investors will do very well and a lot of employees will be millionaires. It has created wealth in BC that will be reinvested here.”

GrowthWorks is a recognized leader in the Canadian venture capital industry, specializing in the management and growth of regionally based venture capital funds. GrowthWorks has combined assets under management of more than $800 million.
Rolf Dekleer joined GrowthWorks in 2000, bringing eighteen years of operating experience in the technology sector with Cymbolic Sciences, MacDonald Dettwiler,...
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A subsidiary of the Business Development Bank of Canada (BDC), BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. With more than $1 billion under management, BDC Capital takes a strategic, patient approach to nurture companies’ development over the long term.
From venture capital to equity to...
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Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of Techvibes.com.
His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University.
When not running Canada's leading technology media property, Rob can be...
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